Microsoft is buying LinkedIn.
The company made the announcement this morning they have entered into a definitive agreement.
Microsoft will acquire LinkedIn for $196 per share, valuing the professional social network at $26 billion.
The transaction, which was approved by unanimously by both boards of directors, is all-cash.
Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”
The transaction, which is among the largest tech acquisitions of all time, is expected to close this calendar year.
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”